ERP Systems in Accounting Exam Solutions
Course Introduction
This course explores the integration and application of Enterprise Resource Planning (ERP) systems within accounting functions, highlighting their role in streamlining business processes, enhancing data accuracy, and supporting decision-making. Students will develop an understanding of ERP architectures, key accounting modules, and best practices for implementation and management. Through practical exercises and case studies, learners will examine how ERP systems facilitate real-time financial reporting, compliance, internal controls, and cross-departmental collaboration, preparing them to effectively leverage these systems in modern accounting environments.
Recommended Textbook
Accounting Information Systems 4th Edition by Robert Hurt
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17 Chapters
1259 Verified Questions
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Page 2
Chapter 2: Role and Purpose of Accounting Information Systems
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Sample Questions
Q1) In management accounting, students learn to prepare budgets, calculate cost variances and interpret those variances.Which of the following best links those topics with AIS study?
A)Use of professional judgment
B)Journal entry preparation
C)Both use of professional judgment and journal entry preparation
D)Neither use of professional judgment nor journal entry preparation
Answer: A
Q2) An accounting information system is a set of interrelated:
A)Activities and documents only.
B)Activities and technologies only.
C)Documents and technologies only.
D)Activities, documents and technologies.
Answer: D
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Chapter 3: Transaction Processing in the Ais
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Sample Questions
Q1) The concept of bookkeeping includes: (i) distinguishing relevant from irrelevant information, (ii) calculating amounts to record in the AIS, (iii) reporting financial results.
A)I and II only.
B)I and III only.
C)II and III only.
D)I, II and III.
Answer: A
Q2) SBL Corporation's accounting records were destroyed in a fire.In reconstructing them:
A)Human judgment will be important, but information technology will not.
B)Information technology will be important, but human judgment will not.
C)Both human judgment and information technology may be important.
D)Neither human judgment nor information technology will be useful.
Answer: C
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Chapter 4: Internal Controls
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Sample Questions
Q1) Internal control relates to an organization's achievement of objectives in three major categories.Which of the following pairs gives an example of two controls that fulfill a single category?
A)Fulfilling the requirements of the Foreign Corrupt Practices Act, developing a clear job description for each position in the company
B)Developing a clear job description for each position in the company, calculating profits on the accrual basis
C)Fulfilling the requirements of the Foreign Corrupt Practices Act, calculating profits on the accrual basis
D)Ensuring that plant assets are listed on the balance sheet at their net book value, listing appropriate assets at their current market value
Q2) Internal control relates to an organization's achievement of objectives in three major categories.Which of the following best pairs one of the categories with a specific example?
A)Judging, reconciling the bank statement at least monthly
B)Reporting, following the COSO internal control framework
C)Compliance, following the COSO internal control framework
D)Compliance, fulfilling the requirements of the Foreign Corrupt Practices Act
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Page 5
Chapter 5: Management Concepts
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Sample Questions
Q1) The basic principles of business process management discussed in the text include:
A)Enlist top management support.
B)Make sure consultants' tasks are well defined.
C)Both enlist top management support and make sure consultants' tasks are well defined.
D)Neither enlist top management support nor make sure consultants' tasks are well defined.
Q2) Charlie is a partner in a CPA firm.He wants to make some changes to the company's hiring practices, but is concerned current employees will lack the motivation to do so.Which of the following tools should Charlie use to address those problems?
A)COSO's enterprise risk management framework and expectancy theory
B)Expectancy theory and generalized model of business process management
C)COSO's enterprise risk management framework and generalized model of business process management
D)Expectancy theory and the steps in the accounting cycle
Q3) List and discuss three basic principles of business process management.
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Chapter 6: Information Systems Concepts
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Sample Questions
Q1) Raul was leading a team charged with developing a new system for budgeting.If he decides to use the systems development life cycle, which of the following questions would he most likely ask during its second step?
A)Do we really need a new budgeting system?
B)How many people should be on the team?
C)What goals should the new budgeting system achieve?
D)Should we use Excel or some other information technology tool?
Q2) Jack and Lindsay were choosing a new general ledger system for the company they own.They decided to use three factors for the evaluation: adaptability, strategic fit and training.They considered training three times more important than strategic fit; they considered adaptability twice as important as strategic fit.To keep their evaluation simple, they assigned a weight of "1" to strategic fit.If software package A had scores of 5 on adaptability, 8 on strategic fit and 9 on training, its score using the weighted-rating technique will be:
A)6.
B)22.
C)45.
D)Some other number.
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Page 7
Chapter 7: Flowcharting
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Sample Questions
Q1) Please refer to the following flowchart as you respond to the next problem:
Q2) Which kind of flowchart shows the logic associated with instructions given to a computer?
A)Systems
B)Program
C)Document
D)Hardware
Q3) Which of the following would best be depicted with a systems flowchart: (i) steps in the accounting cycle, (ii) development of an internal control plan?
A)I only
B)II only
C)Both I and II
D)Neither I nor II
Q4) Explain, in no more than ten sentences, the process depicted in the following flowchart:
Q5) Analyze the flowchart below and the statements which follow.Determine which statements are true based on the flowchart.
Q6) List the six design principles associated with flowcharting discussed in the text.
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Chapter 8: Data Flow Diagramming
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Sample Questions
Q1) Which of the following is most likely to be represented with a set of parallel lines in a data flow diagram?
A)Sell product to customers
B)Customer file
C)Sold products
D)Any of these
Q2) Several items that might appear in a systems flowchart and/or a data flow diagram are listed below.For each item, draw the symbol you would use to represent it in both forms of systems documentation.If no appropriate symbol exists, use an "X."
a.Customer check
b.Electronic sales transaction file
c.End of a process
d.Evaluate credit application
e.First National Bank
f.Grant credit?
g.Inventory master file (digital)
h.Paper file of payroll documents
i.Sales invoice
j.Start of a process
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Chapter 7: Rea Modeling
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Sample Questions
Q1) Most AIS designers and auditors find it best to start a REA model by identifying events, which come in three broad categories: operating, information and decision/management.Which category best describes each item below?
a.Buying supplies
b.Deciding how to document an AIS
c.Designing internal controls
d.Developing a risk management plan
e.Issuing capital stock
f.Motivating employees
g.Posting transactions to the ledger
h.Purchasing advertising
i.Recording transactions in a journal
j.Selling equipment
Q2) Data in a view-driven accounting information system are:
A)Highly aggregated.
B)Stored in a single place.
C)Both highly aggregated and stored in a single place
D)Neither highly aggregated nor stored in a single place
Q3) Prepare a narrative description of the business process illustrated in the REA model below.
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Chapter 8: XBRL
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Sample Questions
Q1) Benefits of XBRL include:
A)Achieving quicker and more efficient decisions.
B)Improving investor relations through provision of more transparent and user-friendly information.
C)Both achieving quicker and more efficient decisions and improving investor relations through provision of more transparent and user-friendly information.
D)Neither achieving quicker and more efficient decisions nor improving investor relations through provision of more transparent and user-friendly information.
Q2) In connection with spreadsheets, Rivet Software and Ez-XBRL are best used for which of the following tasks?
A)Creating XBRL instance documents.
B)Preparing presentations on XBRL.
C)Both creating XBRL instance documents and preparing presentations on XBRL.
D)Neither creating XBRL instance documents nor preparing presentations on XBRL.
Q3) The capability maturity model has five levels: chaotic, repeatable, defined, managed, and optimized.Could an organization benefit from using XBRL at each of the five levels? If so, how? If not, why not? Ensure that your response addresses each level individually.
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11
Chapter 9: E-Business and Enterprise Resource Planning Systems
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Sample Questions
Q1) JRS Corporation attempted to install an enterprise resource planning system with very poor results.The project took significantly longer than expected; actual costs exceeded budgeted costs by a significant margin.In addition, the system has been poorly utilized because it was never completed.The management of JRS has hired you to bring the project to a successful completion.Write a letter to management explaining three common causes of ERP implementation failure; also make four recommendations that will help them be more successful with the implementation now.
Q2) STC Corporation's enterprise resource planning system contains a cash payments table, a cash receipts table and a cash table.Foreign keys in the cash payments table would include: (i) vendor ID, (ii) account number, (iii) cash payment date.
A)I and II only
B)I and III only
C)II and III only
D)I, II and III
Q3) Jose is an artist specializing in family portraits.Although his business started as a traditional "brick and mortar" enterprise, he is now interested in expanding into e-business.He has hired you as a consultant; explain four changes Jose is likely to see if he expands into the e-business arena.
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Chapter 10: Computer Crime and Information Technology Security
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Sample Questions
Q1) For each IT control listed below, indicate the group which most clearly applies: (a) physical security control, (b) technical security control or (c) administrative security control.1.Audible alarm when a computer detects a virus-infected e-mail attachment
2.Conflict of interest policy
3.Different passwords for each ERP module
4.Filing cabinets requiring keys
5.Fire suppression systems
6.Keystroke monitoring software
7.Locking compartments in desks
8.Log-ins requiring fingerprint identification
9.Mandatory password rotation
10.Periodic internal audits
Q2) Business risks and threats to information systems include all of the following except:
A)Error
B)Intrusions
C)Malicious software
D)Instrumentality
Q3) List the elements of Carter's taxonomy of computer crime.
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Chapter 11: Salescollection Process
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Sample Questions
Q1) Consider the following information items as you respond to the question:
i.Customer master file
ii.Journal entry to record the receipt of cash
iii.Pre-numbered documents
iv.Schedule of accounts receivable
Accounting information systems have five generic elements.Which of the following is an example of the same element as "pre-numbered documents?"
A)Adequate supervision
B)Balance sheet
C)Both adequate supervision and balance sheet
D)Neither adequate supervision nor balance sheet
Q2) Accounting information systems have five generic elements.Which one applies to each item listed below within the context of the sales/collection process? a.Customer check, from the point of view of the seller b.Customer order c.Employee master file d.Invoice e.Maintaining adequate inventory f.Record transactions in the AIS g.Remittance advice, from the point of view of the seller h.Sales/inventory junction table i.Use of the seven steps j.Using information technology to fill orders
Q3) List, in order, the steps in the sales/collection process discussed in the text.
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Chapter 12: Acquisitionpayment Process
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Sample Questions
Q1) Which of the following documents associated with the acquisition/payment process is most likely to lead to a journal entry that debits inventory and credits accounts payable?
A)Purchase requisition, purchase order and receiving report
B)Purchase order, receiving report and invoice
C)Purchase requisition, receiving report and invoice
D)None of these
Q2) Which of the following can serve as the basis for completing the first step in the acquisition/payment process?
A)Information technology
B)Human judgment
C)The passage of time
D)All of these
Q3) Internal controls in the acquisition/payment process should address which of the following forms of risk?
A)Liquidity risk
B)Human error risk
C)Both liquidity risk and human error risk
D)Neither liquidity risk nor human error risk
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Page 15
Chapter 13: Other Business Processes
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Sample Questions
Q1) Which of the following best pairs a financing process risk with an internal control that will address the risk?
A)Sending a dividend check to the wrong shareholder, electronic database
B)Falling stock prices due to profit restatements, independent audits
C)Failure to receive IPO approval from the SEC, separation of duties
D)Inability to pay dividends because of a cash shortage, corporate line of credit
Q2) The purpose of the conversion process is to transform material, labor and overhead into a finished product.To accomplish that purpose, organizations can use one of three systems.Which of the following pairs includes examples of products that would use the same system?
A)Decks of playing cards, compact discs
B)Compact discs, made-to-order smoothies
C)Decks of playing cards, made-to-order smoothies
D)All of the pairs would use the same system.
Q3) The text outlined seven steps companies should complete for an initial public offering.Complete the risk/control matrix below based on the indicated risks associated with an IPO.
Q4) Create a narrative description of the REA model shown below.
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Page 16
Chapter 14: Decision-Making Models and Knowledge Management
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Sample Questions
Q1) When a decision maker reaches the point where the amount of information actually integrated into a decision begins to decline, the decision maker is experiencing:
A)Information asymmetry.
B)Information overload.
C)Enterprise risk.
D)Relapse errors.
Q2) Time-series forecasting is an example of ___ analytics.
A)predictive
B)prescriptive
C)descriptive
D)evaluative
Q3) Big Data can arise from two broad types of sources.Which of the following best pairs one type with an example?
A)accounting, trial balance
B)marketing, customer preferences
C)digital, query results from a relational database
D)All of these
Q4) List, in order, the seven steps to create a knowledge management system.
Page 17
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Chapter 17: Professionalism, Ethics, and Career Planning
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Sample Questions
Q1) Jon is a new employee at ADX Corporation.He was working late one night when he saw Beatrice, a long-time ADX employee, leaving the building with a company computer.Determining whether Beatrice is an ethical egoist or deontologist is relevant in the ___ step of the Langenderfer and Rockness model.
A)third
B)fifth
C)seventh
D)none of these
Q2) According to Bell, a professional integrates knowledge from many disciplines.Accounting information systems integrates knowledge from:
A)Accounting and finance.
B)Management and computer information systems.
C)Both accounting and finance and management and computer information systems.
D)Neither accounting and finance nor management and computer information systems.
Q3) List the four characteristics suggested by McDonald to be considered a professional.
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18
Chapter 18: Auditing and Evaluating the Ais
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Sample Questions
Q1) Tim is the lead auditor on an engagement with WRT Corporation.Before starting the audit, Tim planned and reviewed the schedule with his audit team.Which of the following generally accepted audit standards did Tim uphold by planning?
A)Independence
B)Professional care
C)Supervision
D)Disclosure
Q2) The third generic step in a financial statement audit has the strongest relationship to one of the ___ standards in GAAS.
A)General
B)Field work
C)Reporting
D)Environmental
Q3) In the Audit Clarity Project, the ___ explains when the standard applies in an audit engagement.
A)requirements section
B)guidance and explanatory material
C)introduction
D)definitions
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Page 19